I didn't think you changed your vote in your above post, Bend-err. I cache all posts and their edited versions anyways.
I'm guessing it has something to do with the spacing you place after the bullet points.
The /me command operates in a manner like that... it needs an extra carriage return in order to put a single one in.
Or I guess use the [*/list] command like Bend-err suggested SoS. I'm guessing that's without the star. I think when I make bullets, I usually use the list tag in conjunction... although perhaps it's unnecessary.